The UK car leasing market shrank in the first quarter of 2018, according to the British Vehicle Rental and Leasing Association. The total size of the leasing sector for cars and vans was 1.329 million at the end of Q1 2018, a fall of 16,000 compared to the same period last year. The fleet leasing market for cars (contract hire and finance lease only) shrank 4% year-on-year, to end the quarter at 948,000. Total car leasing, covering all leasing types, fell by 1% year-on-year compared to growth of 2% in Q4 2017 and a rise of 11% for the same period in 2017.
The UK car leasing market shrank in the first quarter of 2018, according to the British Vehicle Rental and Leasing Association. The total size of the leasing sector for cars and vans was 1.329 million at the end of Q1 2018, a fall of 16,000 compared to the same period last year. The fleet leasing market for cars (contract hire and finance lease only) shrank 4% year-on-year, to end the quarter at 948,000. Total car leasing, covering all leasing types, fell by 1% year-on-year compared to growth of 2% in Q4 2017 and a rise of 11% for the same period in 2017.
Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.
Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.
New York city-based Fora Financial, which offers flexible financing solutions to small businesses, has acquired a significant stake in US Business Funding (USBF), a leading provider of equipment financing. The two companies say their partnership will create a direct sales organization in the small business alternative lending space, with the aim of growing the finance and leasing business.
New York city-based Fora Financial, which offers flexible financing solutions to small businesses, has acquired a significant stake in US Business Funding (USBF), a leading provider of equipment financing. The two companies say their partnership will create a direct sales organization in the small business alternative lending space, with the aim of growing the finance and leasing business.
Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.
Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.
Spain saw a fall in its leasing market in the first quarter of 2018, although new business demand was still the second highest this decade. According to the Spanish Leasing and Rental Association (AER), new business volumes fell from nearly €2 billion in the first quarter of 2017 to just under €1.7 billion for the same period in 2018.
Spain saw a fall in its leasing market in the first quarter of 2018, although new business demand was still the second highest this decade. According to the Spanish Leasing and Rental Association (AER), new business volumes fell from nearly €2 billion in the first quarter of 2017 to just under €1.7 billion for the same period in 2018.
Carvana in the US is the latest company to introduce a new concept in car sales - multi-story vending machines. It now has 11 vending machines in Houston, Austin, San Antonio, Dallas, Nashville, Raleigh, Charlotte, Jacksonville, Tampa, Orlando and most recently in Washington. The latest Washington vending machine is eight stories tall and has four delivery bays. To pick-up a purchased vehicle, the customer drops a customised coin into a slot, which activates the automated vehicle delivery system.
Carvana in the US is the latest company to introduce a new concept in car sales - multi-story vending machines. It now has 11 vending machines in Houston, Austin, San Antonio, Dallas, Nashville, Raleigh, Charlotte, Jacksonville, Tampa, Orlando and most recently in Washington. The latest Washington vending machine is eight stories tall and has four delivery bays. To pick-up a purchased vehicle, the customer drops a customised coin into a slot, which activates the automated vehicle delivery system.
On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.
On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.
A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.
A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.
Nico Gabriel, the former managing director of DriveNow, has been appointed as the head of Sixt X, the new mobility division of Sixt Group. Sixt X will manage all new mobility projects throughout Sixt Group, with an initial focus on the digitalisation of the car rental process. This will lay the groundwork for a planned integrated mobility platform through which several Sixt services will be offered.
Nico Gabriel, the former managing director of DriveNow, has been appointed as the head of Sixt X, the new mobility division of Sixt Group. Sixt X will manage all new mobility projects throughout Sixt Group, with an initial focus on the digitalisation of the car rental process. This will lay the groundwork for a planned integrated mobility platform through which several Sixt services will be offered.
A new all-inclusive car subscription service for Jaguar and Land Rover vehicles has launched in the UK. The service, called Carpe, has been developed by InMotion Ventures, the transport, mobility and travel innovation arm of JLR. Its first product is a 12-month unlimited mileage subscription, giving JLR customers a new car every year. Potential buyers include retail customers, senior executives in cash for car schemes or executives in small businesses. The subscription has no deposit and includes all maintenance, servicing and insurance costs.
A new all-inclusive car subscription service for Jaguar and Land Rover vehicles has launched in the UK. The service, called Carpe, has been developed by InMotion Ventures, the transport, mobility and travel innovation arm of JLR. Its first product is a 12-month unlimited mileage subscription, giving JLR customers a new car every year. Potential buyers include retail customers, senior executives in cash for car schemes or executives in small businesses. The subscription has no deposit and includes all maintenance, servicing and insurance costs.
In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.
In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.
Fleet industry expert Professor Colin Tourick has published his latest in-depth UK company car and van tax guide with a call for more clarity from government. Company Car and Van Tax is now in its eighth edition and covers all the latest changes in legislation affecting the fleet market. In addition to providing a review of all aspects of current company vehicle tax law, the book reviews a number of updates that particularly affect diesel car fleet operators, funding for low-emission vehicles, road tax, VAT and self-driving cars.
Fleet industry expert Professor Colin Tourick has published his latest in-depth UK company car and van tax guide with a call for more clarity from government. Company Car and Van Tax is now in its eighth edition and covers all the latest changes in legislation affecting the fleet market. In addition to providing a review of all aspects of current company vehicle tax law, the book reviews a number of updates that particularly affect diesel car fleet operators, funding for low-emission vehicles, road tax, VAT and self-driving cars.
New figures from industry trade association UK Finance have revealed that invoice and asset-based lending grew 4% in Q1 2018 compared to the same period last year. Asset-based lending was up 10.7% to £4.3 billion, while invoice finance rose 2.4% to £17.4 billion. Stephen Pegge, managing director commercial at UK Finance, said: “Invoice finance and asset-based lending by UK Finance members showed solid growth in the first quarter and stood at almost £22 billion, up 4% on 2017. “Members are reporting particularly strong growth in asset-based lending facilities, showing that as well as funding against invoices, client businesses are increasingly accessing wider finance facilities secured against stock.”
New figures from industry trade association UK Finance have revealed that invoice and asset-based lending grew 4% in Q1 2018 compared to the same period last year. Asset-based lending was up 10.7% to £4.3 billion, while invoice finance rose 2.4% to £17.4 billion. Stephen Pegge, managing director commercial at UK Finance, said: “Invoice finance and asset-based lending by UK Finance members showed solid growth in the first quarter and stood at almost £22 billion, up 4% on 2017. “Members are reporting particularly strong growth in asset-based lending facilities, showing that as well as funding against invoices, client businesses are increasingly accessing wider finance facilities secured against stock.”
Global financial services, technology and data platform Kabbage is predicting a massive increase in smartphone-based lending among small businesses this year. It analysed nearly 150,000 US small businesses and found an increasing trend towards lending organised via mobile devices, with the number of loans increasing more than 300%. Kabbage executives say the growth demonstrates a new trend as small business owners expect a simple application process, with little delay before a decision is made before they can access working capital.
Global financial services, technology and data platform Kabbage is predicting a massive increase in smartphone-based lending among small businesses this year. It analysed nearly 150,000 US small businesses and found an increasing trend towards lending organised via mobile devices, with the number of loans increasing more than 300%. Kabbage executives say the growth demonstrates a new trend as small business owners expect a simple application process, with little delay before a decision is made before they can access working capital.
Transparency, personalisation and speed are three key criteria that will drive growth of online auto loans, according to new research. There is huge potential demand among consumers, with 48% in the UK saying they plan to apply for their next auto loan online, but adoption rates remain low. According to analytic software company FICO’s first global survey on automotive financing, 63% of UK consumers acquired their most recent automotive loan at a dealership, while 15% went online. Globally, the average online loan rate is around 10%.
Transparency, personalisation and speed are three key criteria that will drive growth of online auto loans, according to new research. There is huge potential demand among consumers, with 48% in the UK saying they plan to apply for their next auto loan online, but adoption rates remain low. According to analytic software company FICO’s first global survey on automotive financing, 63% of UK consumers acquired their most recent automotive loan at a dealership, while 15% went online. Globally, the average online loan rate is around 10%.
Data from the French Finance Association (ASF) has revealed equipment asset finance new business grew by 9.3% to €6.9 billion in the first quarter of 2018. The rise continues the trend for growth after an 8.8% increase in Q4 last year and a rise of 7.4% in Q3 2017. The increase in business demand for funding marks a key milestone for the equipment finance market, as total lending volume reached €28.3 billion at the end of March 2018, 11.6% higher than the total market before the financial crisis in 2008.
Data from the French Finance Association (ASF) has revealed equipment asset finance new business grew by 9.3% to €6.9 billion in the first quarter of 2018. The rise continues the trend for growth after an 8.8% increase in Q4 last year and a rise of 7.4% in Q3 2017. The increase in business demand for funding marks a key milestone for the equipment finance market, as total lending volume reached €28.3 billion at the end of March 2018, 11.6% higher than the total market before the financial crisis in 2008.
Make sense of digitalisation by exploring four key areas
New company car and van tax guide for fleet lessors
UK invoice and asset-based lending rises 4% in Q1 2018
Kabbage predicts 20% of all SME lending could be mobile by year-end
Car buyers ready for online finance
Equipment finance up 9.3% in France during Q1 2018
UK asset finance market rebounds in April
UK consumer car finance market powers to new April high
LeasePlan agrees ground-breaking partnership with Fiat Chrysler Automobiles 
What does the future hold for equipment finance?
